Hellenic Petroleum (Q2/H1 2015 Results): Α solid set of H1 results

27.08.2015 18:43

Hellenic Petroleum (Q2/H1 2015 Results): Hellenic Petroleum announced a solid set of H1 results taking into account the negative impact from extended refinery shut down in Aspropyrgos. Q2 EBITDA and net profit beat expectations on favourable FX (€50m positive impact) and stronger performance across marketing and Petchems.

In specifics:

  • Q2:15 Adj. EBITDA at €130m (€49m Q2:2014), and Adj. Net Income at €38m (-€53m Q2:2014).
  • Negative impact of extended refinery shut-down (approx. €80m) at Aspropyrgos (refineries utilisation at 63%), partly compensated by increased trading
  • Exports came to 41% in terms of volumes vs 52% in Q1 due to Aspropyrgos maintenance. Marketing contributed 28m vs 23m in Q2:2014 on improving petrol station margin (Domestic 2,6% vs 1,9% and International 7.2% vs 5.4% )
  • Net Debt at €1.1bn, on positive operating cash flows (€256μ), supply chain normalisation and higher cash balance partly due to capital controls Gross debt at 3.3bn.
  • Successful management of Greek crisis escalation and bank holiday during June-July, with limited impact on operations
  • According to management notes Bank holiday led to a 10-15% drop of sales in July while prolonged capital controls expected to lead to increased exports vs domestic sales in the short-term

 

  • The Management of Hellpe will address Analysts and Institutional Investors on Thursday, August 27th, 2015 to present the Company’s Q2 2015 Financial Results. A Conference Call and Live Webcast will be held at 18:00 PM (Athens) / 16:00 PM (London) / 11:00 AM (New York).

 

The following table summarises H1 and Q2 results vs estimates:

 

Hellenic Petroleum 2014 2015 Y-o-Y 2014 2015 Y-o-Y 2015 E Vs
EUR mn. Η1 Η1 (%) 2Q 2Q (%) 2Q Estimate
Volumes (MTx1000) 7.755 8.678 11,9% 4.157 4.059 -2,4%
Sales 4.462 3.364 -24,6% 2.385,0 1.785 -25,2%
EBITDA 299 78 -73,9% 53,0 144 171,7% 131  9,9%
EBITDA Mrg 6,7%  2,3%  -438 bps   2,2%  8,1%  +585 bps     
Adjusted EBITDA 100 335 235,0% 49,0 130 165,3% 120  8,3%
EBITDA Mrg adj. 2,2%  10,0%  +772 bps  2,1%  7,3%  +523 bps     
Net Income -91 66 172,5% -50 49 198,0% 26  88,5%
Net Mrg -2,0%  2,0%  +400 bps  -2,1%  2,7%  +484 bps     
Adjusted Net Income -75 93 224,0% -54 39 172,2% 18  116,7%
Net Mrg adj. -1,7%  2,8%  +445 bps  -2,3%  2,2%  +445 bps     

 

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